COLORADO INKJET COMPANY SHUTS DOWN

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COLORADO INKJET COMPANY SHUTS DOWN

 user 2009-11-03 at 11:17:54 am Views: 55
  • #22859

    http://www.bcbr.com/article.asp?id=102739
    COLORADO INKJET COMPANY SHUTS DOWN 

    BOULDER – A Boulder-based inkjet printing technologies company has gone out of business after a legal dispute with one of its lenders.Imaging Technology International Corp., better known as iTi, shut its doors on Oct. 22 telling vendors in a letter that it had run out of cash.Founded in 1992, the company employed as many as 43 people in Boulder in 2008. It designed, developed and manufactured digital systems that incorporate inkjet technology for industrial printing applications.Earlier this year, Italy-based Durst Phototechnik AG filed a civil complaint against iTi in the U.S. District Court of Colorado accusing the Boulder-based company of deceiving it in financial matters.

    According to court documents, Durst invested and loaned $2 million to iTi in June 2007.In the Jan. 30, 2009 complaint, Durst claimed that iTi knew, or should have known, that the company’s sales and revenue projections, which were used to secure the money from Durst, would never materialize.In its response, iTi denied the claims, saying Durst officials were well aware of iTi’s financial situation before and throughout the course of the loan. It went on to claim that Durst failed to fulfill its promises that induced iTi to change its product design by arbitrarily raising the prices on its electronics, eliminating favorable credit terms and modifying the currency in which Durst priced and sold its products to iTi.Settlement talks between the two parties broke down this summer, and the case was reopened in early September.In late September, Durst expanded its civil claims to include former iTi Chief Executive Bruce Morgan.On Oct. 26, Morgan and iTi filed a motion with the court to dismiss those claims against Morgan saying Durst “lacked any factual allegations that Morgan acted in his individual capacity.”Further disclosure and hearing deadlines for the case have been scheduled into 2010.